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There are only two uses cases left for money center banks. (1) You might be able to get a branch safe deposit box. (2) Same day payment on credit cards, that ba
by aj7 7y ago
There are only two uses cases left for money center banks.
(1) You might be able to get a branch safe deposit box.
(2) Same day payment on credit cards, that bank.
Fidelity, and perhaps other zero fee brokerage accounts handle everything else.
- kccqzy 7y agoDoes Fidelity allow you to deposit cash?
- patio11 7y ago"Integrated cash management" (a debit card, etc) is abundantly available from discount brokerages, and is systemically important to their businesses. Fidelity legally can't call it a checking account so they call it a Cash Management Account; brokerages that own banks (Schwab, etc) just call it checking.
- kccqzy 7y agoYou did not answer my question. As far as I can see, the Fidelity CMA allows you to withdraw cash using their debit card, but I see no way to deposit cash. Nor does it provide features like cashier's check.